24 Explain the types of controls that can be put in place to ensure compliance

24 explain the types of controls that can be put in

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2.4 Explain the types of controls that can be put in place to ensure compliance with statutory or organisational requirements. Identify what problems/errors could deter from a good outcome? How could this be changed/avoided? Section 3 (K): Be able to identify and use the appropriate accounting system to meet specific organisational requirements. 3.1 Identify weaknesses in accounting systems: potential for errors or exposure to possible fraud. What weaknesses can lead to potential errors? Data entry? Human Errors? System errors? Non retention of documents? 3.2 Explain how an accounting system can support internal control. What is an effective way to use the system to benefit the internal control? Internal training? How can the procedure be self beneficial? 3.3 Identify ways of supporting individuals who operate accounting systems using: training, manuals, and written information or help menus. What can benefit employees using this system? Can you train them? Procedure notes? Can it be cost efficient to do this? 3.4 Explain the value and benefit to a specific organisation of different types of accounting systems and software packages. What software do you use? Does it interlink? What are the benefits of using the software?
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Section 1 (S): Evaluate the accounting system and identify areas for improvement. 1.1 Identify an organisation’s accounting system requirements . What does the accounting system do? What accounting factors does it cover; Expenditure? Cash flow? What does the accounting function require to be carried out; system software? Etc. 1.2 Review record keeping systems to confirm whether they meet the organisation’s requirements for financial information . Is there an audit trail? Do you retain any documentation? Do you meet all legislation?
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